In economics, the term "equity" means
A) everyone has an equal standard of living.
B) the hardest working individuals consume all they want.
C) only elected officials have high standards of living.
D) economic benefits are distributed fairly.
Answer: D
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Monopolization of either the labor market or the output market results in
A) higher wages than when both are competitive. B) a higher output price than when both are competitive. C) a higher level of output than when both are competitive. D) All of the above.
The focal point phenomenon:
A. argues that trade barriers force countries to locate production in other countries. B. explains why production tends to take place in a few select countries rather than being evenly distributed across countries. C. explains why production tends to take place in countries that have fewer trade barriers. D. argues that transportation costs make it unprofitable to locate production in other countries.
If the demand for widgets is inelastic, total revenue will ________ if the price of widgets increases.
a. increase b. decrease c. remain the same d. one cannot tell what will happen to revenues without specific elasticity numbers e. none of the above
Suppose that the cross price elasticity of demand between good A and good B is -1.2. This indicates that the two goods are
A. complements. B. substitutes. C. both inferior. D. completely unrelated in the minds of consumers.